I agree. Almost every oil producing country except for Norway is an economic or political basket case. Countries include Venezuela, Russia, Saudi Arabia, Ecuador, Iran, Iraq and Nigeria.
The Bahamas needs to stay clear of carbon industries (including Oban) which have the potential of critically damaging the most beautiful waters on earth for the sake of a couple of people making money.
Like the numbers industry, any tax revenue gain will not reduce the deficit but will be swallowed up by bigger and bigger government, corruption and waste.
Is the same Smithy of Resolve? Why haven't there been any actions based on the hundreds of millions lost at the BoB?
John, my point exactly. The laundry boy once called the Chinese every name in the book when he was on that board of the big hotel out west, now that he is the ruler he is singing their high praises. sounds like political vomit!
My point is that the cay has more billionaires per square mile than anywhere on earth. It will be interesting watching them stop the new money sucked from over the hill. Opps there goes the neighborhood.
Da poor ga jus have to watch Lyford fight da numbers boys. So much cash from the 1,000 strong web shops over da hill and is every settlement on every family island. Almost every family has a gambling addict. Gambling on their cell phones all day and night. Money needs to go west, in da nicer areas while the economy over the hill is sucked dry. Once numbers reach da west even da rich ga get hook and suck dry.
Minnie's over the hill tax incentives = even less tax fa numbers.
This is the outcome of when the government doesn't listen to the people in the gambling referendum. To late now.
This will truly be amazing to watch. It is equal to the foolery surrounding Oban and now drilling for oil which will spoil arguable the most beautiful beaches and rich sea beds in the world.
Have any of these financial wizards in the PM's office ever done a walk about in Bain Town? Did they ever go into the homes without running water, the homes without electricity, the outside toilets, youth unemployment above 50%, teenage girls with babies in hand, everyone totting a $500+ phone, web shops on every corner, schools graduating students without adequate reading and writing skills?
How can you jump from this poor foundation to corporate formation, VAT registration, RPT exemptions, applications for economic relief, capital raising, imports, exports business licenses, accounting and bookkeeping???
The answer is you can't. Unless you are already a business in Bain Town with capital to invest. The only businesses I know that will be able to take full advantage of the tax exemptions are web shops.
This will be easily done by the web shops opening new corporations unrelated to numbers but financed via their numbers earnings.
So, who will benefit? Surely not the poor and disenfranchised residents of Bain Town. The more things change the more they get worse.
The government appears to already be concerned about "unintended consequences" of this policy.
You simply can't ring fence the web shops and out do zone wealthy landlords from participating without killing the project.
Money goes where money lies. Since 1967 and majority rule over the hill has gotten worser and worser.
With almost a thousand web shops and mostly non resident landlords and business owners, how can you stop the money leaving.
Minnie himself is from Bain Town. He now lives in the west. Good for him.
The same is true for shanty towns.
Unless you face the root causes of poverty and remove the businesses exploiting the poor, nothing will change. The rich will get richer and any one that's escapes poverty will immediately leave Bain Town but leave this tax exempt and highly profitable businesses in the area.
Another windfalll for the webshops who will reinvest their earnings made off the backs of poor over the hill people into over the hill businesses. Tax free.
With the ability of web financed businesses to trade tax free it will put legitimate businesses outside of over the hill at a competitive disadvantage.
But like web shops the profits of those businesses will not benefit the upgrading of over the hill. 5 years from now over the hill will be even poorer.
Keep in mind that 60% of the financial transactions over the hill currently occur in web shops.
No need to worry about Home Depot, Walmart or Costco coming to the Bahamas.
Our market is just too small, our barriers to free trade much to high, the Arawak Port monopoly with its preditory fees, our backwards banking system, slow legal system and xenophobic business community/politicians, poorly educated work force and impossibly high electricity costs is enough to deter theses world class companies from coming to the Bahamas.
Unfortunately the fossil fuel cartel will suppress the development clean energy (solar, wind, ocean waves and geothermal) in a similar way that BEC suppressed clean energy for over half a century. FPL energy bills in Florida are down almost 50% over the last 10 years with the aggressive roll out of solar farms.
There are hundreds of millions of dollars to be spent on the construction of an LNG generation plant, shipment and storage of LNG fuel to the Bahamas. Not to mention the spin off legal fees, banking loans, environment consultancy fees, government taxes, jobs etc. There is just too much foreign oil money coming in for our greedy politicians to ignore. Solar just can't compete with this cash flow. Not to mention that BEC has a monopoly on power generation for the entire Bahamas except in the Haitian Shanty Towns. There is no other developed country in the world where power generation is owned by the government or monopolized by one company. The foundation is being laid for a new system of abuse and corruption for the next 100 years built on LNG. Bahamians will continue to suffer for generations to come while a few (Bay St and Sunshine Boys) will continue to accumulate wealth beyond measure. Make no mistake where the political elites get their primary financing from.
There are also large safety risks involved with liquefied natural gas which the country discussed over 20 years ago when a project to build an LNG plant off the coast of Bimini was being discussed.
Remember the environmental concerns back then? This time it worse because the storage will be at Arawak Cay and ground transportation on Bay St to Clifton Pier will have its own safety risks.
Wow, we do have a short memory. Forget about Oban, Baha Mar etc. Lets move on to the next foreign investor disaster.
The government, regulator and consumer protection agencies are doing nothing to protect its citizens against the predatory practices of the Canadian bank cartel. If they provided these types of services in Canada their licenses would be immediately revoked.
Instead a massive entourage of government officials go off on OAS meetings/"vacation" to Peru at untold cost to the Bahamian people with no accountability of cost and nothing to show for it.
We call ourselves an offshore financial but you can't do basic banking such as:
1. Electronically transfer funds from one commercial bank to a customer at another bank
2. Very soon there will no banks in Long Island
3. $15 to cash a cheque if you are not a customer of the bank
4. Electronic bank statements are not available online and put into the dysfunctional Bahamas post office system, taking 3 months to deliver, possibly lost or worse.
5. Two tier authentication for transfers not available on certain Bank Apps. Increasing the level of internet bank fraud. Causing massive amounts of spam and fishing for your bank information.
6. 1/2% unconscious conversion fees from US$ to Bahamian dollars going directly to bank profits.
7. Commercial bank profits and insurance company profits the highest ever. Customer service the worst ever.
8. Terribly long lines at the banks.
9. $2 to deposit a check in the bank.
10. 4 day wait to clear a check in the bank. 2 day/48 hour clearance excluding deposit date and withdrawal date.
12. It cost $60 in fees to send US$250 to pay educational costs abroad. Even higher if foreign exchange to Canadian dollars is involved.
There is no solution in site only talk, talk and more talk from those in power.
observer2 says...
I agree. Almost every oil producing country except for Norway is an economic or political basket case. Countries include Venezuela, Russia, Saudi Arabia, Ecuador, Iran, Iraq and Nigeria.
The Bahamas needs to stay clear of carbon industries (including Oban) which have the potential of critically damaging the most beautiful waters on earth for the sake of a couple of people making money.
Like the numbers industry, any tax revenue gain will not reduce the deficit but will be swallowed up by bigger and bigger government, corruption and waste.
Is the same Smithy of Resolve? Why haven't there been any actions based on the hundreds of millions lost at the BoB?
On Deficits 'thing of the past' if oil explorer succeeds
Posted 8 May 2018, 7:14 a.m. Suggest removal
observer2 says...
John, my point exactly. The laundry boy once called the Chinese every name in the book when he was on that board of the big hotel out west, now that he is the ruler he is singing their high praises. sounds like political vomit!
My point is that the cay has more billionaires per square mile than anywhere on earth. It will be interesting watching them stop the new money sucked from over the hill. Opps there goes the neighborhood.
On Sebas: 'I smell a rat' - Threatens legal action over $50m project stall
Posted 4 May 2018, 7:55 p.m. Suggest removal
observer2 says...
"Tief From Tief God Lauf".
Da poor ga jus have to watch Lyford fight da numbers boys. So much cash from the 1,000 strong web shops over da hill and is every settlement on every family island. Almost every family has a gambling addict. Gambling on their cell phones all day and night. Money needs to go west, in da nicer areas while the economy over the hill is sucked dry. Once numbers reach da west even da rich ga get hook and suck dry.
Minnie's over the hill tax incentives = even less tax fa numbers.
This is the outcome of when the government doesn't listen to the people in the gambling referendum. To late now.
On Sebas: 'I smell a rat' - Threatens legal action over $50m project stall
Posted 4 May 2018, 7:04 p.m. Suggest removal
observer2 says...
Regardless of there being a public or private registry of beneficial owners it will make little difference.
Our corporate engineers will simply put a corporation or a foundation or a trust as the beneficiary.
Our registry technology will be so bad it will take months for global regulators to get info on anything.
Don’t believe me? How many Suspicious Transaction Reports have led to anything since thier introduction in 2001? 0!
On 'No intention' of making owners registry public
Posted 3 May 2018, 8:37 p.m. Suggest removal
observer2 says...
This will truly be amazing to watch. It is equal to the foolery surrounding Oban and now drilling for oil which will spoil arguable the most beautiful beaches and rich sea beds in the world.
Have any of these financial wizards in the PM's office ever done a walk about in Bain Town? Did they ever go into the homes without running water, the homes without electricity, the outside toilets, youth unemployment above 50%, teenage girls with babies in hand, everyone totting a $500+ phone, web shops on every corner, schools graduating students without adequate reading and writing skills?
How can you jump from this poor foundation to corporate formation, VAT registration, RPT exemptions, applications for economic relief, capital raising, imports, exports business licenses, accounting and bookkeeping???
The answer is you can't. Unless you are already a business in Bain Town with capital to invest. The only businesses I know that will be able to take full advantage of the tax exemptions are web shops.
This will be easily done by the web shops opening new corporations unrelated to numbers but financed via their numbers earnings.
So, who will benefit? Surely not the poor and disenfranchised residents of Bain Town. The more things change the more they get worse.
On Over-the-hill plan alert to fraud risk
Posted 2 May 2018, 7:26 a.m. Suggest removal
observer2 says...
The government appears to already be concerned about "unintended consequences" of this policy.
You simply can't ring fence the web shops and out do zone wealthy landlords from participating without killing the project.
Money goes where money lies. Since 1967 and majority rule over the hill has gotten worser and worser.
With almost a thousand web shops and mostly non resident landlords and business owners, how can you stop the money leaving.
Minnie himself is from Bain Town. He now lives in the west. Good for him.
The same is true for shanty towns.
Unless you face the root causes of poverty and remove the businesses exploiting the poor, nothing will change. The rich will get richer and any one that's escapes poverty will immediately leave Bain Town but leave this tax exempt and highly profitable businesses in the area.
On Over-the-hill plan alert to fraud risk
Posted 2 May 2018, 4:34 a.m. Suggest removal
observer2 says...
Another windfalll for the webshops who will reinvest their earnings made off the backs of poor over the hill people into over the hill businesses. Tax free.
With the ability of web financed businesses to trade tax free it will put legitimate businesses outside of over the hill at a competitive disadvantage.
But like web shops the profits of those businesses will not benefit the upgrading of over the hill. 5 years from now over the hill will be even poorer.
Keep in mind that 60% of the financial transactions over the hill currently occur in web shops.
On Over-the-hill plan alert to fraud risk
Posted 1 May 2018, 3:52 p.m. Suggest removal
observer2 says...
No need to worry about Home Depot, Walmart or Costco coming to the Bahamas.
Our market is just too small, our barriers to free trade much to high, the Arawak Port monopoly with its preditory fees, our backwards banking system, slow legal system and xenophobic business community/politicians, poorly educated work force and impossibly high electricity costs is enough to deter theses world class companies from coming to the Bahamas.
On 'Slap in the face' to let WTO drive our key reforms
Posted 26 April 2018, 8:47 a.m. Suggest removal
observer2 says...
DDK.
Unfortunately the fossil fuel cartel will suppress the development clean energy (solar, wind, ocean waves and geothermal) in a similar way that BEC suppressed clean energy for over half a century. FPL energy bills in Florida are down almost 50% over the last 10 years with the aggressive roll out of solar farms.
There are hundreds of millions of dollars to be spent on the construction of an LNG generation plant, shipment and storage of LNG fuel to the Bahamas. Not to mention the spin off legal fees, banking loans, environment consultancy fees, government taxes, jobs etc. There is just too much foreign oil money coming in for our greedy politicians to ignore. Solar just can't compete with this cash flow. Not to mention that BEC has a monopoly on power generation for the entire Bahamas except in the Haitian Shanty Towns. There is no other developed country in the world where power generation is owned by the government or monopolized by one company. The foundation is being laid for a new system of abuse and corruption for the next 100 years built on LNG. Bahamians will continue to suffer for generations to come while a few (Bay St and Sunshine Boys) will continue to accumulate wealth beyond measure. Make no mistake where the political elites get their primary financing from.
There are also large safety risks involved with liquefied natural gas which the country discussed over 20 years ago when a project to build an LNG plant off the coast of Bimini was being discussed.
Remember the environmental concerns back then? This time it worse because the storage will be at Arawak Cay and ground transportation on Bay St to Clifton Pier will have its own safety risks.
Wow, we do have a short memory. Forget about Oban, Baha Mar etc. Lets move on to the next foreign investor disaster.
On Activist slams Shell LNG deal as ‘regressive step’
Posted 19 April 2018, 2:38 p.m. Suggest removal
observer2 says...
The government, regulator and consumer protection agencies are doing nothing to protect its citizens against the predatory practices of the Canadian bank cartel. If they provided these types of services in Canada their licenses would be immediately revoked.
Instead a massive entourage of government officials go off on OAS meetings/"vacation" to Peru at untold cost to the Bahamian people with no accountability of cost and nothing to show for it.
We call ourselves an offshore financial but you can't do basic banking such as:
1. Electronically transfer funds from one commercial bank to a customer at another bank
2. Very soon there will no banks in Long Island
3. $15 to cash a cheque if you are not a customer of the bank
4. Electronic bank statements are not available online and put into the dysfunctional Bahamas post office system, taking 3 months to deliver, possibly lost or worse.
5. Two tier authentication for transfers not available on certain Bank Apps. Increasing the level of internet bank fraud. Causing massive amounts of spam and fishing for your bank information.
6. 1/2% unconscious conversion fees from US$ to Bahamian dollars going directly to bank profits.
7. Commercial bank profits and insurance company profits the highest ever. Customer service the worst ever.
8. Terribly long lines at the banks.
9. $2 to deposit a check in the bank.
10. 4 day wait to clear a check in the bank. 2 day/48 hour clearance excluding deposit date and withdrawal date.
12. It cost $60 in fees to send US$250 to pay educational costs abroad. Even higher if foreign exchange to Canadian dollars is involved.
There is no solution in site only talk, talk and more talk from those in power.
On Bank payment charges need ‘legitimate redress’
Posted 19 April 2018, 12:30 p.m. Suggest removal